Knowledge plays a strategically important role to success and continuous growth of our life. In information exposition coupled with the electronic or virtual era has brought a great change to libraries and its working environment. In today’s working environment the role of libraries and librarians changed from storehouse of information caretaker to information manager and at the same time the forms and distribution of information also took a new shape in a new way. This is due to the advancement of ICT as well as contemporary societal need. Due to this change, library and information science professionals also need a number of special skills and competencies along with the basic skills and competencies. The present study is an attempt to explore the variety of discussions and ideas about the various aspects of skills and competencies, competencies of LIS professionals for various types of libraries and also focuses on the existing and required competencies of LIS professionals in the contemporary information system. The study is an analytical review of existing literature found in different scholarly journals, conference proceedings, books etc.